In terms of finance, the economic system supports Islamic sukuk and finance in the markets of Dubai and oversees financial products that comply with the tenets of sharia law. Islamic insurance focuses on establishing Dubai as an international headquarters for insurance products, while Islamic contract arbitration mediates disputes involving many different kinds of commercial contracts. The other three platforms set standards for a number of prominent industries in the UAE, including food production, manufacturing, and other sectors.
Under the leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and several other high-ranking government officials, the United Arab Emirates (UAE) employs an economic system known as the Islamic economy. By incorporating the Islamic economy into the UAE’s mainstream economy, the nation has set out to establish the UAE as a vital hub for business and finance and become the Islamic economic capital of the world. The Islamic economy focuses on six key platforms: Islamic finance, Islamic insurance, Islamic contract arbitration, Halal food and trading standards, Islamic commerce and industry standards, and Islamic quality-management standards.
In terms of finance, the economic system supports Islamic sukuk and finance in the markets of Dubai and oversees financial products that comply with the tenets of sharia law. Islamic insurance focuses on establishing Dubai as an international headquarters for insurance products, while Islamic contract arbitration mediates disputes involving many different kinds of commercial contracts. The other three platforms set standards for a number of prominent industries in the UAE, including food production, manufacturing, and other sectors. |
AuthorDr. Shahram Shirkhani works on behalf of prominent multinational corporations and financial institutions in addition to private entities based in Iran and surrounding countries. Archives
February 2016
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